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Raising the limit of deduction under section 80C - THE FINANCE (No. 2) BILL, 2014
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....aising the limit of deduction under section 80C - THE FINANCE (No. 2) BILL, 2014 <br>News and Press Release<br>Dated:- 13-7-2014<br><BR>Raising the limit of deduction under section 80C Under the exi....
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....sting provisions of section 80C of the Act, an individual or a Hindu undivided family, is allowed a deduction from income of an amount not exceeding one lakh rupees with respect to sums paid or deposi....
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....ted in the previous year, in certain specified instruments. The investments eligible for deduction, specified under sub-section (2) of section 80C, include life insurance premia, contributions to prov....
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....ident fund, schemes for deferred annuities etc. The assessee is free to invest in any one or more of the eligible instruments within the overall ceiling of ₹ 1 lakh. The limit of above investm....
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....ents eligible for deduction under section 80C was fixed vide Finance Act, 2005. In order to encourage household savings, it is proposed to raise the limit of deduction allowed under section 80C from t....
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....he existing ₹ 1 lakh to ₹ 1.5 lakh. In view of the same, consequential amendments are proposed in sections 80CCE and 80CCD of the Act. These amendments will take effect from 1st April, 2....
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....015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years. [Clauses 27, 28 & 29]<BR> News - Press release - PIB....